by BERNAMA / pic by BLOOMBERG
THE Monetary Authority of Singapore (MAS) has announced its plan to discontinue the issuance of the S$1,000 note from Jan 1, 2021.
The central bank said that from now until December 2020, a limited quantity of the S$1,000 notes will be made available each month.
“This is a pre-emptive measure to mitigate the higher money laundering and terrorism financing risks associated with large denomination notes,” it said in a statement here.
MAS said the move is aligned with international norms, adding that major jurisdictions have already stopped issuing large denomination notes.
It noted that existing S$1,000 notes in circulation will remain as legal tender and can continue to be used as a means of payment.
“Banks can continue to recirculate existing S$1,000 notes that are deposited with them,” it said.
MAS said it will make available sufficient quantities of other denominations, particularly the S$100 note – which is the next highest denomination after the $1,000 note – to meet demand.